Thing One: Fail Whale: Jamie Dimon, scourge of financial regulators, overnight become God's gift to financial regulators.
The JPMorgan CEO has been theswaggering Alpha banker in the industry's fight against post-crisis regulatory efforts, complaining and vaguely threatening about the dire consequences of regulation on an almost daily basis. Last night? Not so much! Instead he was spending most of his breath explaining to investors and reporters how a supposedly benign trading desk in London, run by a man known to other traders as "the London Whale," had taken a $2 billion loss on credit derivates in six weeks. It's a hit to JPMorgan's reputation and profit. Funny thing: Some of the constraints of the very Dodd-Frank financial reform act Dimon hates could have prevented it.
"It is a high irony that the too-big-to-fail bank at the forefront of a relentless effort to stop Dodd-Frank is JPMorgan itself," University of Maryland law professor Michael Greenberger wrote in an email to 7.5 Things last night.
keyboard shortcuts: V vote up article J next comment K previous comment